The M42 office market has seen a promising start to the year with small Solihull offices comprising the majority of transactions across a variety of sectors, according to our latest research.
Our M42 and Solihull Q1 office market research found that total take-up was 24,300 sq ft, across ten transactions, most commonly in the 0-5,000 sq ft bracket.
A hunger for small Solihull offices
The largest deal saw training company Energy & Utility Skills take 5,005 sq ft at Avon Business Centre in Shirley, relocating from nearby Friars Gate.
The second largest deal was to care company Leaf Complex Care, which expanded taking 4,158 sq ft at 2660 Kings Court at Birmingham Business Park.
Subsequently, financial services company AutoMoney Motor Finance (Mobile Money) took 3,500 sq ft at 3 Brooklands.
Larger deals that were put in motion early in 2023 are expected to complete in Q2. As a result, total square footage in the next quarter could be up to double that of Q1.
Our expert view
Malcolm Jones, Director of Office Agency at KWB said: “The out-of-town office market in Birmingham is well known for welcoming a wide range of occupiers. Q1 2023 was no exception. There are a variety of stories behind the deals, from downsizing to upgrading – with some doing both.
“This particular set of drivers for relocation has been common, as occupiers have sought to enhance their ESG focus. We have also seen occupiers reducing their office stake to reflect the flexibility they now offer their teams.
“Seeing businesses expanding out of serviced offices or otherwise taking their first traditional space is an excellent sign. This is a key indicator of prosperity and growth for businesses and the market in general.”
Malcolm concluded: “The prevailing theme for the Solihull office market for several years now has been lack of space. However, we have seen a few notable buildings become available that offer occupiers new options and should free up the market for increased movement. Refurbished offices back on, or coming back to, the market include AIR in Solihull town centre, Portland House close to Birmingham Airport and One Central Boulevard at Blythe Valley Park.”
For KWB’s full M42 and Solihull Q1 office market research click here.
If you are looking for new offices or have vacant office space in solihull to market, please contact Malcolm Jones on 0121 233 2330 or email email@example.com.